ThomsonReuters

FEBRUARY 22, 2024

It is inevitable that in the next few years, it will impact – and even transform – how corporate tax professionals go about their work. Machine learning Machine learning involves training algorithms to learn from large amounts of data so that the software can perform tasks and improve how it performs those tasks over time.

corporation tax 93

corporation tax Tax Technology audit 93

ThomsonReuters

SEPTEMBER 26, 2023

As offices vanish or become optional, remote audit engagements may become the standard as client teams and documentation are spread out across multiple locations, including home offices. In-office audits may no longer be practical or feasible for some clients. ” Remote auditing should not be mistaken for remote auditors.

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audit auditor Technology Education 98

ThomsonReuters

APRIL 19, 2023

The accounting and audit profession is undergoing significant changes as a result of the rapid advancement of technology. So, then, how do audit firms evolve to make sure they are prepared for when the right technology can help them prosper? Standardization can help firms save significant time and reduce inefficiencies.

audit 105

audit Technology auditor Start-ups 105

ThomsonReuters

MARCH 20, 2024

When it comes to Single Audits of local governments, nonprofits, school districts, and HUD engagements, auditors must navigate through a complex set of rules that are constantly changing. These challenges compound quickly as the volume of audits increases. However, there is an answer: audit automation.

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audit auditor cpas financial statements 52

inDinero Tax Tips

NOVEMBER 4, 2021

Even if your books are perfectly accounted for, an IRS audit letter will fill anyone with a sense of dread. However, most businesses are unprepared and need IRS tax audit help. Having proper documentation of all your income and expenses is the easiest way to pass an audit. What is an Audit? What is an Audit?

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audit Tax tax return tax preparation 98

ThomsonReuters

DECEMBER 6, 2023

James Creech, a senior manager with Baker Tilly’s tax advocacy and controversy team, explained that the origin of the current issues with the ERC can be traced back to before the health emergency and the absence of tax preparer oversight. “Tax preparation is kind of the Wild West,” Creech began.

tax preparation 105

tax preparation Tax tax return payroll 105

ThomsonReuters

JUNE 15, 2023

How is the growing focus on ESG affecting the audit profession? As an area that is still developing, and – from an audit and accounting standpoint – still in its infancy, it can feel a bit like the Wild West. What are some of the key challenges that audit firms face when auditing ESG disclosures?

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audit auditor Education Tax 96

ThomsonReuters

JULY 6, 2023

But what is a tax advisor and how do you become one? Let’s take a look at what tax advisory is and how you can take advantage of this approach to serving clients. If you’re a tax and accounting professional, you’ve likely found yourself answering numerous questions related to your clients’ tax returns. What are tax advisory services?

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Tax tax return income tax audit 98

ThomsonReuters

JUNE 28, 2023

This includes ESG audit support that verifies the effectiveness of controls, as well as activities that identify gaps, assess risks, and develop a recommended plan of action. By helping your clients identify concrete targets that can be measured, you can ensure that their ESG data is practical, auditable, and meaningful.

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Tax auditor audit Technology 98

ThomsonReuters

JULY 6, 2023

Tax teams prepare tax provisions by gathering data, performing calculations, and entering the results into forms. What are APIs and how do they work? What are APIs and how do they work? For example, if two programs want to exchange data, they must define how the data will be formatted and how it will be sent.

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DuctTapeMarketing

JULY 14, 2018

 Services Online Audit. Here is a short guide on how to maintain a healthy set of business financials. Prepare the books for tax season. Setting up your chart of accounts to be tax-ready from the start will help you with tax saving opportunities and help you prepare for your tax liabilities, with no surprises.

bookkeeping 238

bookkeeping accounting and finance accounting software bookkeeping services 238

ThomsonReuters

JULY 25, 2023

But how do you make the case for AI and maximize this revolutionary opportunity? Let’s take a look at how AI is transforming the way accountants work and why it will help shape the future of the profession. For today’s accounting firms, advanced technology is no longer an option but a necessity.

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Technology Tax audit accounting firms 98

ThomsonReuters

JANUARY 29, 2024

By integrating advanced software solutions, firms can streamline their operations and send a clear message: they are prepared to evolve and adapt to the future of accounting. Today’s accounting firm leaders are constantly grappling with two pivotal challenges: attracting top-tier talent and holding on to the people they have.

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ThomsonReuters

FEBRUARY 6, 2024

The results are tested, expected, and applied consistently and accurately – reducing the time spent managing sales and use tax, reducing audit risk, and increasing data accuracy. Jump to: When to consider an automated tax software solution Benefits of sales tax automation software What if you don’t have a complex business model?

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CPA Practice

NOVEMBER 7, 2023

This article first appeared on the Thomson Reuters blog.] How does a payroll professional best navigate the buzz and hype around next-generation A.I. However, Goldsmid instead believes that these new tools will provide payroll professionals with more leverage regarding how they do their job and how it affects their organization. “It

payroll 122

payroll Technology audit Legal 122

Withum

SEPTEMBER 8, 2022

Audited financial statements are a cornerstone of the financial markets. Tonight I will conduct my second Auditing class session of this semester at Fairleigh Dickinson University, and I will be teaching what the auditor’s opinion means and what auditors do to arrive at their opinion. They must be registered with the PCAOB.

accounting principles 119

accounting principles auditor audit financial statements 119

Ryan Lazanis

APRIL 18, 2023

Benefits of Artificial Intelligence How is AI Used in Accounting? How to Get Started With Accounting Intelligence How AI Was Used to Write This Article What is AI in Accounting? This includes tasks such as financial reporting, audit and compliance, fraud detection, and data analysis.

Account 96

Account accountant accounted Technology 96

ThomsonReuters

OCTOBER 11, 2023

How does a payroll professional best navigate the buzz and hype around next-generation A.I. However, Goldsmid instead believes that these new tools will provide payroll professionals with more leverage regarding how they do their job and how it affects their organization. “It Now, generative A.I. Now, generative A.I.

payroll 116

payroll Technology audit Legal 116

TaxConnex

APRIL 20, 2021

This time of year, everybody’s mind is on income tax preparation. However, in believing that return preparation and filing is the only piece of the sales tax compliance process, companies can easily fall prey to the “sales and marketing” pitch of automated sales tax returns. How long will it take to get a response?

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Sales Tax tax return income tax 139

ThomsonReuters

NOVEMBER 9, 2023

There is no doubt that tax professionals are hard to find, let alone replace. As you analyze your staffing needs for the next year, consider the following: Embrace non-traditional talent. As you analyze your staffing needs for the next year, consider the following: Embrace non-traditional talent. Utilize short-term solutions.

tax planning 105

tax planning accounting firms Tax Account 105

ThomsonReuters

JUNE 2, 2022

A recently revised IRS webpage intended for charities and nonprofit employers highlights the tax rules applicable to employer-provided parking and what to expect if the IRS audits this benefit. a (“How to Value Qualified Parking Benefits”). IRS Webpage: Qualified Parking Fringe Benefit (Apr. Available at [link].

Tax 97

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TaxConnex

APRIL 13, 2021

This blog will help explain one part of the sales tax compliance puzzle: your filing process. This blog will help explain one part of the sales tax compliance puzzle: your filing process. Online vs. Paper Returns – You should have a process to prepare and file both online returns and paper returns.

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Sales Tax E-commerce general ledger 222

ThomsonReuters

MAY 12, 2022

What triggers a sales tax audit and how do you reduce the risk of an audit? Almost all companies undergo a sales tax audit at some point. This sales tax audit guide can help indirect tax teams avoid common audit triggers and manage the sales tax audit as smoothly as possible.

audit 105

audit Sales Tax auditor 105

ThomsonReuters

JANUARY 16, 2024

How mobile apps meet client expectations Streamlining your 1040 source document collection According to a recent survey by Protiviti and The Institute of Internal Auditors (IIA) , almost 75% of respondents, including 82% of technology audit leaders, view cybersecurity as a high-risk area, and with good reason.

audit 64

audit auditor Technology Construction 64

ThomsonReuters

APRIL 24, 2023

At the core of every audit is the identification and assessment of risks of material misstatement, which is critical given the potential impact on a company’s financial position. It is essential that auditors are aware of the upcoming changes and how to apply SAS 145 to ensure compliance and further improve overall audit quality.

auditor 59

auditor audit financial statements Tax 59

ThomsonReuters

DECEMBER 22, 2023

2: Effective risk reduction strategies for today’s corporate tax departments In the past five years, tax departments have experienced resource strain, increasing the risk of audits and penalties. As emerging technologies continue to reshape industries, tax departments are not exempt from the transformative power of innovation. REGISTER NOW!

Tax 52

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ThomsonReuters

JULY 25, 2023

Benefits of automation in tax practice Throughout the article, Donohue explains the need for technological advancements in tax practice and how those needs stem from modern challenges, such as increased regulatory complexity and the explosion of digital data. Let’s take a look.

tax preparation 98

tax preparation Technology Tax accounting firms 98

ThomsonReuters

JUNE 16, 2023

Noncompliance can result in hefty fees, penalties, and audits. For instance, who must file a tax return and when those returns are due, how to file an extension, what must be included on the tax return etc. According to new data released in October 2022 by the IRS, tax gap estimates are on the rise. billion in funding to the IRS.

Tax 97

Tax tax return audit auditor 97

ThomsonReuters

APRIL 13, 2023

These two words can strike fear in the hearts of your tax and accounting clients: IRS audit. Understanding how to manage client expectations and concerns and how to get through the process is an essential skill in the tax and accounting professions. Most IRS audits are not random, although that is possible.

audit 52

audit accounting firms Tax Account 52

ThomsonReuters

NOVEMBER 15, 2023

It is imperative to follow these instructions meticulously to ensure accurate reporting and to avoid potential discrepancies that might raise red flags for your clients during an IRS audit. Jump to: What is Form 8283? Boat donation tax deduction What is the cost basis for non-cash charitable contributions? What is Form 8283?

tax return 98

tax return Tax tax planning Real Estate 98

ThomsonReuters

MAY 2, 2023

In the first blog in this series, we looked at the identification and assessment of risks of material misstatement. In this second post, we’ll dig into ensuring audit quality. Revised audit documentation requirements Among the new provisions in SAS 145 is the revision of the audit documentation requirements.

audit 52

audit auditor financial statements Account 52

ThomsonReuters

JANUARY 12, 2023

The primary role of an accountant is to handle a variety of tasks including tax preparation, financial planning and audits. . One of these expanded service areas is audit. . But what exactly does offering auditing services entail? How does it compare to traditional accounting services?

audit 59

audit auditor Account accountant 59

Going Concern

FEBRUARY 12, 2024

That’s been happening across the industry, according to Adrienne Gonzalez, who edits the accounting blog Going Concern. Happy Monday and an early Happy Valentine’s Day to you. Anyone have any nice plans? Project Everest cost more than we thought. According to this FT report , $700 million. Do you have room?’

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auditor Account accountant accounted 70

ThomsonReuters

MARCH 8, 2024

How can you build your service offerings to better serve your clients and grow your CPA firm through accountability? How can you build your service offerings to better serve your clients and grow your CPA firm through accountability? How do firms think ahead to provide better services for their clients? This is how we do things.

cpa firm 96

cpa firm CPA Technology Tax 96

ThomsonReuters

JANUARY 18, 2024

Accountant vs. CPA vs. tax preparer: What are the differences? How can accountants be more efficient? Ever-changing regulations and laws, shifts in client expectations, and advancements in innovative technologies like artificial intelligence (AI) are changing the way firms do business and how accountants serve their clients.

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Account accountant accounted tax preparation 59

ThomsonReuters

JUNE 15, 2022

Top CPA firms have long understood the need to elevate their staff from being tax preparers to tax advisors. While a preparer focuses on churning out tax returns, an advisor tries to evaluate broader implications of tax code changes by considering: What are the recent tax law changes my clients should know about?

Tax 98

Tax Technology audit tax preparation 98

ThomsonReuters

DECEMBER 19, 2023

How are environmental taxes calculated? That’s why it’s important to understand the complexities of these initiatives and how making eco-friendly choices can maximize tax savings. How are environmental taxes calculated? Blog For more information on claiming green tax credits, see our guide to environmental IRS forms.

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